March corn futures ended at $4.37 1/2 today, up 5, and up 14 week on week. December 2021 corn closed at $4.18 1/2, gaining 3 1/2 today and 6 for the week.
January beans added 18 3/4 today, to end at $12.20, adding almost 60 this week. November soybean futures ended at $10.81 1/4, up 9 today, and 28 1/2 for the week.
That Old Crop/New Crop spread widened out quite a bit this week, and now stands at almost $1.40 from January to November. I still think it’s a selling opportunity for New Crop, though.
The BIG story this week is the push that soybean futures have made over the past couple of days with January closing above $12 on Thursday and Friday. Soybean meal also topped $400 per ton today, and soy oil traded and closed above 40 cents/pound as well. Whether that means we’ve moved into a “new plateau” or not is to be seen, but we are finally above those psychological barriers, so stay tuned. There is still a lot of time between now and South American harvest, as well as the U.S. planting season. As we’ve seen this week, things can and do change in a hurry. One or two well timed rains could push things lower quickly. For now, it’s good to see the current levels on the board, especially heading into a weekend and then a Holiday week.
For more items impacting corn and soybean prices check out this week’s Bull Bear Banter podcast: https://landusexperience.podbean.com/
What to watch for/Upcoming Events:
- Next week is Christmas, and most, if not all, of our locations will be CLOSING at Noon on Christmas Eve and will be CLOSED all day Friday the 25th.
- The Board of trade will also close early Thursday, at 12:05 and be CLOSED Friday.
- Another note about the next couple of weeks: The Bull Bear Banter will be taking a hiatus, as we plan to take the next 2 weeks off. So, from all of us at Landus, we wish you and yours a Very Merry Christmas and a Wonderful New Year. I know we’re all anxious to get back to whatever normal is, and here’s hoping that comes soon during the next year. As our old friend Sgt. Phil Esterhaus used to say on Hill Street Blues, “Let’s be careful out there”.
This week I’ve been thinking about the phrase “that’s a wrap”… As we close the books on the podcast, for this year anyway, I wanted to know more about that phrase. I made an assumption that it had something to do with wrapping a gift, and tying a bow on something, but perhaps that’s just Christmas seeping into my brain. As you probably already know, it’s from the film industry. What I did find was that the word WRAP is actually an acronym, standing for “Wind Reel And Print”. This makes a lot more sense to me now.
Even though we’re not putting a wrap on the grain markets for the year, I want to say that until we meet again, “that’s a WRAP”. Or maybe I should quote Porky Pig and say “th..th..that’s all folks”
Have a GREAT weekend everyone, and GO CYCLONES!